Bring Your Wallet

Remember how the Yanks are paying for their new stadium without public funding?

Notice Of Public Hearing

SUBJECT: The request for increased public financing for construction of a new Yankee Stadium in New York City.

PURPOSE: This hearing will examine the recent requests by the New York Yankees for additional funding in the form of tax-exempt bonds from the New York City Industrial Development Agency (NYC IDA), a subsidiary of the New York City Economic Development Corporation (NYC EDC), for construction of a new Yankee Stadium in New York City.

NEW YORK CITY
Wednesday, July 2, 2008, 10:00 am
Assembly Hearing Room, Room 1923, 19th Floor
250 Broadway
New York, New York

ORAL TESTIMONY WILL BE BY INVITATION ONLY

The NYC IDA is the financing branch of the NYC EDC that provides assistance to businesses and companies operating in the five boroughs of New York City through tax-exempt bond financing. In 2006, the NYC IDA approved the issuance of $920 million in tax-exempt bonds to the New York Yankees for the construction of a new Yankee Stadium in the borough of the Bronx. The issuance of these bonds was made possible when the Internal Revenue Service (IRS) waived regulations which prohibit the use of public financing for sports facilities. Shortly after the waiver was granted, the IRS instituted stricter enforcement of its regulations prohibiting such use of tax-exempt bonds.

Reports in the news media have indicated that the New York Yankees are seeking an additional $350 million in tax-exempt bonds from the NYC IDA to complete construction of the stadium despite IRS regulations prohibiting such use of public financing, and efforts are underway to have a waiver granted once again so that the sports team can acquire the funding. This hearing will allow the Committees to obtain information on the status of the financing plans for the construction of the Stadium, and to investigate the requests for additional funding.

Also, don’t hold your breath if you’re waiting for the parks meant to replace the land requisitioned for the new stadium, one of which will be located on top of a parking garage. It’s hard to imagine a more perverted idea than a park on top of a garage. Way to go Yankees!

Hey, the state put a park on top of a sewage plant just a mile west of Yankee Stadium. Don’t underestimate how low people can go!
River Bank State Park is a nice place to go, but the occasional putrid smell can really slow down your run around the track.

Nick-YFJune 30, 2008, 9:25 am

Yeah, but at least Riverbank is at grade level (though across the HHP). I can’t imagine walking up through a garage to get to a park. How will you even know it’s there from the ground? It becomes a park only for programmed athletics. That’s an important function, but just one that is traditionally served by parks, and arguably the least important one.

YFJune 30, 2008, 9:29 am

Yeah, true, YF. And your larger point is, of course, true. This is a lousy affair.
I am reminded, at these times, of L. Cohen’s “Everybody Knows”. There is no surprise. You knew the Yanks would be going for the public financing, that the middle/working class consumer would be screwed in the end. Everybody knew…of course.

Nick-YFJune 30, 2008, 9:38 am

ORAL TESTIMONY WILL BE BY INVITATION ONLY
That’s a hell of a “public” meeting.